Insider at Lehman Speaks of their Mortgage Practices

I'm in business school right now with a girl who worked in the Lehman mortgage sales deptartment, and was subsequently laid off. She told me how they would buy "obviously fraudulent" mortgages in the names of deceased people and on condemned properties, bundle them, and sell them off to the market. This type of garbage is what got Lehman into so much trouble, the crookedness of their actions did not go unnoticed by the market. Mortgages in the names of the dead?? Mortgages on condemned properties?? You Reap what You Sow, Schemin' Brothers!

I'm in business school right now with a girl who worked in the Lehman mortgage sales deptartment, and was subsequently laid off. She told me how they would buy "obviously fraudulent" mortgages in the names of deceased people and on condemned properties, bundle them, and sell them off to the market. This type of garbage is what got Lehman into so much trouble, the crookedness of their actions did not go unnoticed by the market. Mortgages in the names of the dead?? Mortgages on condemned properties?? You Reap what You Sow, Schemin' Brothers!

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If that's true, then maybe that girl can be a gov't witness in a fraud case against Lehman employees. Just because they're bankrupt doesn't mean they are getting away afterward...

Yeah, my jaw dropped when she told me all of this. Then she said all the pipelines dried up, and then everyone in her unit knew they were gonna get canned, so for the last couple weeks at work they would have "office olympics" and garbage like that. Makes you wonder about what goes on behind closed doors at some of these firms.